Promoters of companies may have already found a way around the market regulator’s proposed FPI ownership disclosure norms.
Last week, the Securities and Exchange Board of India floated a consultation paper inviting public comments on framing rules requiring a higher order of disclosures by certain foreign portfolio investors. Right off the bat, the paper seems to be a fallout of the flak that the market regulator has drawn recently over its inability to determine the ultimate beneficial owners of a handful of FPIs that had invested in Adani group companies.
Much of the flak is to do with concerns around the Adani group’s promoters acting in concert with FPIs to circumvent the rules around minimum public shareholding that …
Surendar helps lead the newsroom at The Morning Context as executive editor. Over the years, Surendar has worked in industries from pharmaceuticals to diamonds, as well as a stint as an equity analyst. In his long career as a business journalist, he has led teams at The Times of India, India Today and Fortune India. He was part of the founding team at Forbes India and interned at and published in The Times, London.
Executive Editor
surendar@mailtmc.com
Mumbai